Lunchtime Links: If you interview at UBS wealth management in London, you only have a 6% chance of being offered a job

Dubai banker - Targets these days don't show much correlation with the compensation There are numerous banks which offer a ridiculous 60K base + discretionary bonus (which may or may not be paid) in return for an annual NNA of 50 M. I agree with ex-pb that this is not a creative field and the fact that there are thousands private bankers does not mean they are not dumb. One of the most obvious signs of dumbness is taking up such a role. Like it or not, private banking is a sales job and nothing more. We receive a number of applications from disillusioned RMs but they have none of the skills required for investment banking and some of them look like used car salesmen not top advisors.

just as well - a dreadful place fo work.

why would anyone want to work at UBS PB in the first place ? to market underperforming mandates and useless structured products ? what a soul-less job...

It is incorrect to say that Private Bankers are product pushers with no substantial knowledge. Of course, there are some private bankers who have wealthy family connections to rise but most are strong knowledge based and enjoy their roles of advising the super wealthy. These are the quiet ones who do not need to jump from one institution to another because they are happy and sitting on large pool of assets and earn solid stable incomes. A Private Banker, IMHO, need not jump every few years which undermines his/her credibility with his/her clients which is the most important aspect of a top adviser. Also, a banker with a solid and credible FI behind him/her is more successful than a banker with no credibile name, since clients also look at the jurisdiction, platform and safety besides advice and knowledge alone.
Finally, targets are based on incomes handed out, so if someone agrees to a million dollar payout, he better generate 2 to 3 million dollar revenue in order to sustain his job/career.
If Private Banking was a 'stupid' field and not creative, as mentioned above, then why would there be top banks around the world having thousands of employees in the field?
My 2 cents

Nasty, I was not one of those underperformers. I switched to a more creative field.